These days everyone wants to trade crypto, but they don’t know what tips and advice they should be implementing. If you want to learn about a few crypto trade tips, you’ve come to the right place. Below are our top tips for trading cryptocurrency.
Pay Attention To Bitcoin
If you invest in any cryptocurrency other than Bitcoin, then make sure you’re always paying attention to Bitcoin’s price. Most, if not all coins go up and down when Bitcoin does. If you notice the price of BTC increasing, then check how other coins are doing. Are they showing signs up an uptrend? If so, then consider investing in those coins, but do keep an eye on BTC after you invest.
Invest In Reputable Alt-Coins
Not all alt-coins are created equal. Anything other than Bitcoin is considered an alt-coin. If you invest in an alt-coin, make sure it is reputable. Many alt-coins have come and gone, with a lot of them being horrible investments; While some of them were outright scams. Some of the most reputable alt-coins include IOTA, NEO and Ripple. Litecoin, Dash and Ethereum are great alt-coins too.
How do you know whether or not an alt-coin is reputable? It’s all about researching the company/creator behind the coins. This will give you a general idea of how reputable the coin is and whether or not it has good potential.
Use Stop Orders
Use stop orders when trading. A stop order refers to selling off your crypto when it reaches a certain price. This prevents you from losing all of your investment. You can use a stop order to buy crypto when it hits a certain price, too. For example, you can automatically buy BTC when it hit XXX amount of dollars, and you can sell it when it reaches XXX amount of dollars. Learn about stop orders and then use them every single time you trade.
Pay Attention To Fees
Finally, pay attention to fees. If you use a trading platform that charges unreasonable fees, then you could easily lose money with every single trade you make. The good news is there are trading platforms that don’t charge anything for trading, as well as platforms that charge very low fees. Choose a platform that is known for their low fees or no-fees.
Those are our top tips for crypto trade. Make sure you do additional research because the above is not an extensive list of tips. By continuing to learn all you can about crypto, you’ll stand a better chance of making good profits trading it.